2023-03-26 10:39Financial Performance - For the year ended December 31, 2022, Zijin Mining Group achieved a revenue of RMB 270.33 billion, representing a year-on-year growth of 20.09% compared to RMB 225.10 billion in the previous year[3]. - The total profit for the same period was RMB 29.99 billion, an increase of 20.97% from RMB 24.79 billion in the prior year[3]. - The net profit attributable to shareholders was RMB 20.04 billion, reflecting a year-on-year increase of 27.88% from RMB 15.67 billion[3]. - Operating revenue for 2022 reached RMB 270.33 billion, a 20% increase from RMB 225.10 billion in 2021[8]. - Net profit for 2022 was RMB 24.77 billion, up 26% from RMB 19.60 billion in 2021[8]. - The company's operating profit increased to RMB 30.95 billion, representing a 23% growth compared to RMB 25.09 billion in 2021[8]. - Total comprehensive income for 2022 was RMB 28.40 billion, a significant increase from RMB 20.54 billion in 2021[9]. - The total profit for 2022 was RMB 29,992,850,973, an increase from RMB 24,793,810,492 in 2021[15]. - The company reported a net profit attributable to shareholders of RMB 20,042,045,977 in 2022, compared to RMB 15,672,870,591 in 2021[47]. Assets and Liabilities - As of December 31, 2022, the total assets of the group amounted to RMB 306.04 billion, a growth of 46.72% from RMB 208.60 billion at the beginning of the year[3]. - The net assets attributable to shareholders increased to RMB 88.94 billion, up 25.21% from RMB 71.03 billion at the start of the year[3]. - Total liabilities reached RMB 181.59 billion, a rise of 56.83% from RMB 115.70 billion in the previous year[6]. - Current assets totaled RMB 79.64 billion, compared to RMB 47.06 billion in the previous year, indicating a significant increase[5]. - The total assets in 2022 reached RMB 306,044,139,470, an increase from RMB 208,594,678,123 in 2021[49]. - The total liabilities stood at RMB 181.59 billion, reflecting a manageable debt level in relation to the company's asset base[38]. Dividends and Shareholder Returns - The board proposed a cash dividend of RMB 2 per 10 shares for the fiscal year 2022, subject to shareholder approval[3]. - The company declared a cash dividend of RMB 0.20 per share in 2022, totaling RMB 5,265,862,448, compared to RMB 3,159,312,269 in 2021[47]. Taxation - The effective income tax rate for the company was approximately 17.4% for 2022, compared to 20.9% in 2021[11]. - The effective income tax expense for 2022 was RMB 5,225,640,850, compared to RMB 5,194,172,140 in 2021[15]. - The company benefited from a reduced corporate income tax rate of 15% for several subsidiaries under the Western Development tax incentive policy in 2022[12]. - The company’s subsidiary in Tibet, Xizang Julong Copper Co., Ltd., enjoyed a reduced corporate income tax rate of 9% in 2022[13]. Production and Operational Highlights - In 2022, the company produced 88,000 tons of copper, with a target of 95,000 tons in 2023 and 117,000 tons by 2025, reflecting an 11% compound annual growth rate (CAGR)[56]. - The gold production in 2022 was 56 tons, with projections of 72 tons in 2023 and 90 tons in 2025, indicating a 17% CAGR[56]. - The company aims to increase lithium carbonate production from 0 tons in 2022 to 300,000 tons in 2023 and 1,200,000 tons by 2025[56]. - The company reported a total gold production of 321,500 ounces, with a gold price assumption of $1,700 per ounce[71]. - The company reported a total gold production of 562,134 ounces, with a 44% increase in year-over-year performance[74]. Investment and Capital Expenditure - Capital expenditures for 2022 totaled RMB 51.52 billion, highlighting the company's commitment to expanding its operational capacity and technological advancements[37]. - The company reported a net cash outflow from investing activities of RMB 50.98 billion, which is a 114.52% increase from RMB 23.76 billion[140]. - The projected capital expenditure for project construction (including technological upgrades) is RMB 29.3 billion, to be financed through self-funds, bank loans, and other financing methods[199]. Market and Competitive Position - The company is a leading metal mining enterprise in China, ranking among the top 10 globally in copper, gold, and zinc reserves and production[79]. - The company plans to continue its market expansion and product development strategies to enhance its competitive edge in the mining sector[37]. - The company is actively pursuing mergers and acquisitions of quality mid-to-large mining assets to strengthen its resource base[130]. Environmental and Sustainability Initiatives - The company aims to achieve carbon neutrality by 2050, showcasing its commitment to sustainable development[52]. - The company is focusing on green, low-carbon, and circular development in its mining operations, aiming to provide low-carbon mineral raw materials[130]. - The company is committed to ESG principles, integrating ecological restoration and environmental protection into its project development processes[137]. Research and Development - Research and development expenses surged by 59.80% to RMB 1.23 billion, up from RMB 770.66 million[140]. - The number of R&D personnel was 4,951, making up 10.14% of the total workforce[159]. - The company has established a national key laboratory for comprehensive utilization of low-grade and difficult-to-process gold resources, unique in the Chinese gold industry[161]. Challenges and Risks - The company is facing operational challenges due to rising costs, supply chain disruptions, and increased competition for quality mineral resources amid a global energy crisis[109]. - The company remains cautious about future zinc mine supply due to a lack of flagship mining projects and increasing production challenges in the global metals mining industry[195]. Future Outlook - The company anticipates a strong copper price trend in 2023, despite potential economic downturns in Europe and the US[191]. - Lithium demand is expected to exceed 4 million tons of lithium carbonate equivalent by 2030, with a compound annual growth rate of approximately 25%[193]. - The company has revised its five-year plan and set development goals for 2030, aiming to build a "green high-tech first-class international mining group"[198].